Wire Security Procedures definition

Wire Security Procedures means those procedures (i) specified in the Wire Authorization; (ii) included in the Appendix; or (iii) as otherwise agreed by you and us for transmitting Payment Orders to the Bank and for verifying such Payment Orders upon receipt by us, as such procedures may be amended to supplemented from time to time by the Bank. Types of Transfers Transfers may be made in two ways: first, transfers may be made on a one-time basis; second, transfers can be made on a recurring basis. One-time transfers can be immediate or scheduled at a future date. The recurring transfer may be used to make transfers of a set amount at recurring intervals. Repetitive Transfers. If we or you determine that certain funds transfers have become Repetitive Transfers, we may assign a repetitive code to Payment Orders pertaining to such Repetitive Transfers. Processing Wire Transfer Payment Orders Customer authorizes Bank from time to time to transfer funds of Customer from any Covered Account to any other deposit account of Customer or a Beneficiary at Bank or another financial institution, or to another financial institution for the benefit of Customer or a Beneficiary, when requested to do so in a Payment Order. With respect to Customers who designate Authorized Users, Customer authorizes Bank to accept Payment Orders from an Authorized User or any person purporting to be an Authorized User. For all Services hereunder, Payment Orders may be transmitted to Bank by any means approved by Bank, including oral, written, or electronic communication. Wire transfer Payment Orders via Online Banking can be made from Customer designated accounts maintained with us to accounts Customer may have at other depository institutions or to accounts third parties maintain with us or other depository institutions. We will process wire transfer requests (“Wire Request”) we receive from Customer via Cash Management throughout the day until our cut-off time on any Business Day. Any Wire Requests we receive after the cut- off time or on a non-Business Day will be processed on the next Business Day. You should always assume that a Wire Request may not be cancelled or amended at any time after the Wire Request is transmitted to the Bank. Customer shall compensate Bank for performance of each Service in accordance with the Fee Schedule. The Fee Schedule will be deemed accepted by Customer upon provision of such Service to Customer. Customer shall pay any access, transfer, transmission, and other charges establishe...

Wire Security Procedures means those procedures (i) specified in the Wire Authorization; (ii) included in this Agreement; or (iii) as otherwise agreed by you and us for transmitting Payment Orders to the Credit Union and for verifying such Payment Orders upon receipt by us, as such procedures may be amended to supplemented from time to time by the Credit Union. The terms used in this Section have the meaning given to them in Article 4A of the Uniform Commercial Code.

Examples of Wire Security Procedures in a sentence

• The Wire Security Procedures offered by Bank are available only if Customer transmits Payment Orders directly by electronic means.

• Customer shall not disclose any information regarding the Service of the Wire Security Procedures that an unauthorized user would find helpful to obtain access to this Service.

• Security Procedures for Online Wire Transfers You agree that our Wire Security Procedures stated in this Agreement and in the Appendix are commercially reasonable.

• You acknowledge that we reserve the right to change our Wire Security Procedures from time to time.

• Bank shall, however, use reasonable efforts to act on request by Customer for cancellation of a Payment Order prior to execution by Bank of such Payment Order, provided such request complies with the Wire Security Procedures.

• In addition to the Wire Security Procedures set forth herein or in the Appendix, Bank reserves the right to call one of Customer’s authorized users, for any reason in Bank’s sole discretion, in connection with the Wire Services.

• If a Payment Order received by Bank purports to have been transmitted or authorized by Customer and Bank has acted in compliance with the Wire Security Procedures with respect to such Payment Order, such Payment Order shall be deemed effective as Customer's Payment Order, and Customer shall be obligated to pay to Bank the amount of such Payment Order.

• Bank and the Customer will follow the Wire Security Procedures to detect unauthorized Payment Orders prior to execution of such Payment Orders by Bank.

• The Wire Security Procedures are designed solely for the purpose of verifying the origination of Payment Orders and not for the detection of errors.

• You agree that more restrictive Wire Security Procedures could be offered, but in light of the burden of additional Wire Security Procedures, you have carefully considered the Wire Security Procedures and in light of the risks that you assume under this Agreement, they are reasonable procedures to protect against unauthorized access to the Wire Services.